What are bankruptcy exemptions in Maryland?

Question

Accepted Answer

Maryland's exemptions are   moderate   with a useful general wildcard.    1. Opt-Out State — Md. Code, Cts. & Jud. Proc. § 11-504(g)   Maryland opted out. Debtors must use Maryland exemptions.    2. Homestead — Md. Code, Cts. & Jud. Proc. § 11-504(f)   -   $25,150   equity in real or personal property used as residence (effective Oct. 1, 2024; adjusted every 3 years for CPI). - Joint owners may double if both file.  Modest by national standards but updated regularly.    3. Wildcard — Md. Code, Cts. & Jud. Proc. § 11-504(b)(5)   -   $6,000   in cash or property of any kind. Often used for bank account balances or vehicle equity.    4. "Tools of Trade" — Md. Code, Cts. & Jud. Proc. § 11-504(b)(1)   -   $5,000   in tools, instruments, or appliances necessary for trade or profession.    5. Personal Property — Md. Code, Cts. & Jud. Proc. § 11-504(b)(2), (4)   -   Household goods, furniture, appliances, books, pets  : $1,000 aggregate. -   Wearing apparel — § 11-504(b)(3)  : unlimited.    6. Motor Vehicle   -   No specific vehicle exemption   — must use $6,000 wildcard or strategically allocate.    7. Wages — Md. Code, Com. Law § 15-601.1     75% of disposable wages   OR 30x federal minimum wage exempt. Caroline County rule: $145/week minimum protection.    8. Retirement Accounts — Md. Code, Cts. & Jud. Proc. § 11-504(h)   -   ERISA plans, IRAs, Roth IRAs  : fully exempt.    9. Insurance — Md. Code, Ins. § 16-111, 16-112   Life insurance proceeds and cash value — exempt if beneficiary is spouse, child, or dependent.    10. Public Benefits — Md. Code, Cts. & Jud. Proc. § 11-504(b)(7)   Social Security, unemployment, workers' comp, veterans', public assistance — fully exempt.    11. Personal Injury Proceeds — Md. Code, Cts. & Jud. Proc. § 11-504(b)(2)   Compensation for personal injury — exempt.    12. Workers' Compensation Awards — Md. Code, Lab. & Empl. § 9-732   Fully exempt.    13. Health Aids — § 11-504(b)(2)   Prescription drugs and health aids — fully exempt.    14. Tenancy by the Entirety   Maryland recognizes — joint marital property exempt from individual creditors.    15. Domicile Requirement     730-day rule   under 11 U.S.C. § 522(b)(3).    16. CPI Adjustment   Homestead adjusted every 3 years; most other amounts not regularly adjusted.    17. Strategy   Married couples with property held jointly as tenants by the entirety often have   strong asset protection   even with modest homestead.  This is legal information, not legal advice.